Shares of Neovasc Inc (NASDAQ:NVCN) (TSE:NVC) dropped 10% on Monday . The company traded as low as $2.38 and last traded at $2.65. Approximately 3,137 shares changed hands during trading, a decline of 99% from the average daily volume of 507,141 shares. The stock had previously closed at $2.41.
NVCN has been the subject of a number of analyst reports. ValuEngine upgraded Neovasc from a “hold” rating to a “buy” rating in a report on Saturday, September 22nd. Zacks Investment Research lowered Neovasc from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th.
The company has a debt-to-equity ratio of -4.96, a current ratio of 3.41 and a quick ratio of 3.38. The firm has a market capitalization of $51.56 million, a price-to-earnings ratio of -0.07 and a beta of 1.06.
Neovasc’s stock is going to reverse split on Monday, October 15th. The 1-100 reverse split was announced on Tuesday, September 11th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, October 12th.
Several institutional investors and hedge funds have recently modified their holdings of NVCN. Renaissance Technologies LLC lifted its holdings in shares of Neovasc by 837.5% during the 2nd quarter. Renaissance Technologies LLC now owns 53,754,832 shares of the medical equipment provider’s stock valued at $2,300,000 after purchasing an additional 48,020,900 shares during the last quarter. Gagnon Advisors LLC lifted its holdings in shares of Neovasc by 2,416.2% during the 2nd quarter. Gagnon Advisors LLC now owns 46,032,686 shares of the medical equipment provider’s stock valued at $1,970,000 after purchasing an additional 44,203,204 shares during the last quarter. Finally, Gagnon Securities LLC lifted its holdings in shares of Neovasc by 350.7% during the 2nd quarter. Gagnon Securities LLC now owns 19,120,325 shares of the medical equipment provider’s stock valued at $818,000 after purchasing an additional 14,878,428 shares during the last quarter.
Neovasc Company Profile (NASDAQ:NVCN)
Neovasc Inc, a specialty medical device company, develops, manufactures, and markets cardiovascular devices worldwide. Its products include the Tiara technology for the transcatheter treatment of mitral valve disease; and the Neovasc Reducer for the treatment of refractory angina. The company also provides Peripatch tissue products.
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